Pick of the Day: GBP/USD

PoD Chart

Good morning! I’m looking to short Cable tonight as the pair bounces lower from the 240 MA’s. The pair moved lower after the rally, sparked by the interest rate cut yesterday, seems to have stalled and reverted back to the downtrend.

I think we will see it continue lower as we have seen issues with mortgages and lending now hitting the UK. I would first like to see the pair break below the support level and then possibly going in. Here we go:

Short GBP/USD at 1.9940, stop at 1.9990, pt1 at 1.9880, pt2 at 1.9800

Remember to never risk more than 1% of your account on any single trade. Adjust position sizes accordingly!

Good luck!!!

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